Nextest Announces Second Quarter Fiscal Year 2007 Results10 February 2007
Nextest Systems Corporation (Nasdaq: NEXT), a leader in the manufacture of automatic test equipment (ATE) for low-cost semiconductor manufacturing, today reported financial results for its fiscal second quarter ended December 23, 2006.
Revenue for the quarter ended December 23, 2006 was $17,930,000, down 33 percent from the September 2006 quarter revenue of $26,859,000 and down 8 percent from the December 2005 quarter revenue of $19,425,000. Net income for the quarter was $2,215,000, compared with net income of $4,784,000 in the previous quarter and net income of $1,682,000 in the December 2005 quarter.
Net income available to common stockholders for the quarter ended December 23, 2006 was $2,215,000, or $0.12 per diluted share, compared with net income available to common stockholders of $4,784,000, or $0.25 per diluted share in the September 2006 quarter and net loss available to common stockholders of $95,000, or $0.01 per diluted share in the December 2005 quarter. The December 2005 quarter included accretion of the then-outstanding Series B preferred stock in the amount of $1,777,000.
New orders for the quarter ended December 23, 2006 were $25.5 million. Backlog at the end of the quarter was $16.7 million.
Nextest has signed a 10-year lease on a new 128,000 sq ft building in San Jose for a period that ends on December 31, 2016.
Robin Adler, chairman and CEO of Nextest, commented, "Despite the soft business conditions in the semiconductor market, our bookings were $25.5 million, which represents a positive book-to-bill ratio. In the flash memory sector, while bit output continued to grow, severe price declines forced flash manufacturers to extract additional productivity from existing installed bases of test equipment, slowing investment in additional test capacity. Sharply declining prices, however, increase demand for flash memory. We are encouraged by our growth prospects in flash and in the other markets that we address."
Third Quarter Fiscal 2007 Outlook
Net revenue in the third quarter of fiscal 2007 is expected to be between $18 million and $22 million, with earnings per diluted share of between $0.03 and $0.10. The fully diluted share count is estimated to be approximately 19 million at the end of the third quarter.
Conference Call/Webcast
Nextest Systems Corporation will be conducting its conference call today, February 1, 2007, at 2:00 p.m. Pacific Time. The call will be simultaneously webcast at http://www.nextest.com (click on "Investors"). A replay will be available for two weeks via telephone starting approximately two hours after the completion of the call. The replay may be accessed by calling 888-286-8010 in the US and Canada, or 617-801-6888 outside the US and Canada, and entering conference code 13743196, or by visiting http://www.nextest.com and clicking on "Investors" for a link to the replay. The replay will be available via telephone and website through February 15, 2007.
About Nextest Systems Corporation
Nextest Systems Corporation is a low-cost leader in the design and manufacture of automatic test equipment (ATE) for Flash memory and System-On-Chip semiconductors. Nextest's products address the growing demand from manufacturers for ATE with increased throughput, functionality and reliability, while reducing time to market and cost of test. Nextest has shipped over 1,700 systems to more than 60 semiconductor companies worldwide. Further information is available at http://www.nextest.com .
Forward-looking Statements
The statements made in this press release, other than statements of historical facts, are forward-looking statements that involve risks and uncertainties. These statements include those relating the company's financial performance, products, customers, success of new products and business prospects. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," or "continue," the negative of these terms or other comparable terminology. These statements involve a number of risks and uncertainties, including the cyclical nature of the semiconductor industry, the success of the market penetration of our products, our dependence on suppliers and subcontractors, the concentration of our customers and other risks and uncertainties. Nextest Systems Corporation does not intend to update or revise any forward-looking statements whether as a result of new developments or otherwise.
At Nextest Systems Corporation:
So-Yeon Jeong
408.817.7276
NEXTEST SYSTEMS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Quarter Ended Six Months Ended
Dec. 23, Sept. 23, Dec. 24, Dec. 23, Dec. 24,
2006 2006 2005 2006 2005
Net revenue $17,930 $26,859 $19,425 $44,789 $36,630
Cost of revenue 8,198 12,358 9,959 20,556 18,380
Gross profit 9,732 14,501 9,466 24,233 18,250
Operating expenses:
Research 2,213 2,162 2,019 4,375 3,752
and development
Sales, general 5,507 5,670 5,136 11,177 9,769
and administrative
Total operating expenses 7,720 7,832 7,155 15,552 13,521
Income from operations 2,012 6,669 2,311 8,681 4,729
Interest and 802 837 99 1,639 173
other income, net
Income before income taxes 2,814 7,506 2,410 10,320 4,902
Income tax provision 599 2,722 728 3,321 1,601
Net income 2,215 4,784 1,682 6,999 3,301
Accretion of Series B -- -- (1,777) -- (3,001)
preferred stock
redemption value
Amount allocated to -- -- -- -- (45)
Series A
preferred stockholders
Net income (loss) $ 2,215 $ 4,784 $ (95) $ 6,999 $ 255
available to common
stockholders
Basic net income
per share available
to common shareholders:
Net income (loss) per $ 0.13 $0.27 $(0.01) $ 0.40 $ 0.03
common share, basic
Weighted average 17,588 17,508 8,577 17,548 8,649
number of shares
used in per share
calculation, basic
Diluted net income per
share available to
common shareholders:
Net income (loss) per $ 0.12 $ 0.25 $(0.01) $ 0.37 $ 0.03
common share, diluted
Weighted average number 18,692 18,769 8,577 158,700 9,486
of shares used in per
share calculation, diluted
Stock-based compensation
expense is included in:
Cost of revenue $31 $45 $74 $76 $95
Research and development 112 137 312 249 353
Sales, general 231 178 436 409 516
and administrative
Total $ 374 $ 360 $ 822 $ 734 $ 964
NEXTEST SYSTEMS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 23, Sept. 23, Jun. 24,
2006 2006 2006
ASSETS
Current assets:
Cash and cash equivalents $ 44,529 $ 53,041 $ 68,667
Short-term investments 28,818 15,540 --
Accounts receivable, net 14,336 20,184 16,518
Inventory 25,310 26,706 26,099
Deferred tax assets 3,004 3,006 2,976
Prepaid expenses and 1,399 1,020 1,118
other current assets
Total current assets 117,396 119,497 115,378
Property and equipment, net 3,919 3,786 3,868
Deferred tax assets 930 855 1,067
Other assets 701 795 783
Total assets $122,946 $124,933 $121,096
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,173 $ 3,529 $ 2,585
Accrued liabilities 4,466 4,399 5,946
Deferred income 1,308 2,125 4,890
Customer deposits -- 9 --
Income tax payable 263 3,020 1,163
Total current liabilities 8,210 13,082 14,584
Deferred income 333 336 458
Other liabilities 196 189 202
Total liabilities 8,739 13,607 15,244
Stockholders' equity 114,207 111,326 105,852
Total liabilities $122,946 $124,933 $121,096
and stockholders' equity
Source: prnewswire
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